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What is Included in the Licensing Fee?
Did you know that not all of the licensing fee you pay remains with BCFSA? In fact, approximately half of every licence fee we collect is on behalf of other organizations that play important roles in protecting BC’s real estate consumers and real estate professionals.
Here is a breakdown of what you pay as part of your licensing fees, where the fees go, and how each component helps to strengthen the regulatory framework and increase consumer confidence in the real estate industry:
Components of Licensing Fees, as of April 1, 2021
For fees paid on or after April 1, 2021
The Real Estate Compensation Fund assessment is paid to the Real Estate Compensation Fund Corporation. The fund provides protection if a member of the public suffers a compensable loss when money entrusted to a real estate professional or an unlicensed individual at a brokerage is misappropriated, obtained by fraud, or intentionally not paid over or accounted for. Learn more about the Compensation Fund.
The Errors & Omissions assessment is used by the Real Estate Errors & Omissions Insurance Corporation to cover the costs of defending BC real estate professionals against claims. Every licensed real estate professional is required to participate in the fund, which protects them from financial loss from errors, omissions, or negligence, and ensures that consumers who have lost money because of a real estate professional’s negligence will be compensated. Find out more about E&O coverage.
BCFSA uses the licensing assessment fee to protect consumers by enforcing the Real Estate Services Act and educating, licensing, auditing, investigating and disciplining real estate professionals. Learn about our mandate.